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Browsing: National Oil Corporation (Nock)
- Usable foreign exchange were recorded at USD 6.56 billion last week, which is equivalent to 3.66 months of import cover.
- The shilling has continued to weaken against the US Dollar to a record 130 units to a dollar.
- The country has witnessed a dollar shortage in recent months.
The Kenyan government has put in place a number of measures to tame the country’s dwindling forex reserves and a biting dollar shortage that is being witnessed in the market.
The East African Community (EAC) economic powerhouse is also grappling with a weakening shilling that has dropped by about 12 per cent against the US dollar, the highest in two decades.
It has breached the 130 mark to a dollar, which is a record high. Importers are however accessing the dollar at Ksh145 to the dollar, which has impacted on the cost of imports and commodity prices.
Usable foreign exchange was recorded …